An easy to manage home loan package.
The works package home loan variable rate (P&I) home loan
For owner occupied P&I home loans
Variable interest rate
Comparison rate*
Package Features
100% Offset Account
It comes with a 100% offset account to make your home loan repayments^ while reducing the interest you pay on your home loan.
Redraw facility
Enjoy the flexibility of making extra payments and you can redraw your funds when you need them.
Credit Card
Pay no annual credit card fee on our no bull low rate credit card provided you satisfy The Works Package conditions.
Split Loan Option
Slice and dice your home loan with fixed and variable options. By combining the two, you can enjoy the security of a fixed interest rate and the flexibility of a variable.
Rates & fees
The Works Package owner occupied variable
| Interest Rate | Comparison Rate* | |
| Variable (P&I) | 3.25% p.a. | 3.74% p.a. |
| Variable 1 year (IO) | 3.25% p.a. | 3.74% p.a. |
The Works Package investment variable
| Interest Rate | Comparison Rate* | |
| Variable (P&I) | 4.05% p.a. | 4.53% p.a. |
| Variable 1-5 year (IO) | 4.05% p.a. | 4.53% p.a. |
Interest is calculated daily on the outstanding balance, and charged monthly in arrears on the last day of each month. Refer to our rates and fees for more information.
Fees applicable to this product include:
- Package fee: $395 annual fee for up to five loans
- Application fee: waived, usually $600
- Valuation fee: at cost (minimum $250) payable at funding for costs incurred in obtaining a valuation
- Legal fees: at cost (minimum $440) payable
- Other fees may apply
Important documents:
- Refer to the Fees and Charges
- Home Loan Key Facts Sheets
- The Works Package Conditions of Use
- Grandfathered Fees & Transactions
To reduce or cancel your credit limit, click here.
It’s easy to apply online
Here’s what you’ll need to apply online
- Be at least 18 years of age or older
- Be an Australian citizen, permanent resident, or have a valid visa
- Receive a regular income
- Have your membership number if you already bank with us
What you’ll need
- An email address and contact number
- Member number (If you’re already a member)
- Australian driver’s licence, Medicare or passport details
- Employment and income details
- Details of your assets, expenses and liabilities
Extra tools and benefits
Borrowing power calculator
Learn how much you can borrow and see what your repayments could be by using our online borrowing power calculator. Simply enter your income and expenses to receive an estimate.
Calculate your borrowing powerLenders Mortgage Insurance
Are you interested in entering the property market but not sure if you have the right deposit? Consider taking out Lender Mortgage Insurance (LMI).
Tips for refinancing
Learn more about how to refinance your home loan to Illawarra Credit Union, so you can enjoy the mutual difference. Great Value. Great Service. #MakeTheMove
What is refinancing?Prefer to split your loan? We’ve got you covered.
If you like the certainty of fixed repayments but also want the flexibility that a variable product provides, then chat to us about splitting your home loan. You decide what’s right for you.
Important notes
*Comparison rates are calculated on a loan amount of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
^Home loan repayments must be direct debited from an Illawarra Credit Union transaction account. Annual fee payable yearly.
Eligibility criteria, terms & conditions, fees & charges apply. Please refer to the Fees and Charges (Grandfathered Fees & Transactions ).
For our complete package conditions review The Works Package Conditions of Use.
